Wall Street bonuses could fall 16% this year as interest rates possibly staying higher for longer threatens the performance of financial companies, according to New York State Comptroller Thomas DiNapoli.
The drop, however, would be less sharp than last year's 26% decline that shrank bonuses to $176,700 on average.
While higher-for-longer rates could impede business activity, some experts have predicted the central bank would manage to guide the economy to a soft landing.
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